FMC Technologies (NYSE: FTI) said in a statement that the agreement includes the development of “innovative and cost-effective subsea production systems” to deal with the challenges related to Petrobras' pre-salt oil and gas reservoirs.

Additionally, it includes the manufacture of subsea processing technologies that can enhance recovery rates at the Rio de Janeiro-based national oil company’s maturing oil and gas fields. Both companies believe that the pact will lead to the development of a portfolio of subsea systems.

FMC Technologies has two Brazilian manufacturing facilities in Rio de Janeiro and a service facility in Macae.